Would you pay $50K for $1,000,000.00 line of credit?

$1,000,000.00 line of credit can only be used for real estate purchases such as,new construction,rehab houses,investment property or personal property.

Why would I pay anybody anything for the ability to borrow???

Pay 50k so I have the RIGHT to borrow $1mm????

Sounds really silly.

I can fill out a mortgage app or loan app FOR FREE and obtain the right to borrow money.

Does this 50k sound like a good deal to you or something???? I believe you are not really thinking straight on this!

I would need to know the rest of the terms.

Only if the interest rate was fairly low.

Are you talking about an advance fee of $50,000.00? If so, no I would NOT. Advance fees are illegal in the US. It's a common SCAM!

If you're talking $50,000 per anuum in interest, that's a different story. That's a very good rate (5%) in today's market, so I'd be very interested in that. Interest on real estate loans is paid in arrears, so there's no up-front cost involved, aside from normal closing costs.

No. That's a high fee.

What happen if you don't use your whole line of credit,say you use $300.000 an d you see your venture falling through you decide to cut your loses are your $50.000 still lock in.huh that don't sound so good doses it.